Cambodia eyes AIIB loan
Cambodia will begin applying for a loan from the newly established China-backed Asian Infrastructure Investment Bank from next year in response to the current need for infrastructure development. Visiting AIIB vice president and chief investment officer D.J. Pandian met with Vongsey Vissoth, secretary of state at Cambodia’s Finance Ministry, on Tuesday at the ministry. The AIIB is focused on supporting infrastructure development in the Asia-Pacific region. It was proposed by China in 2013 and launched at a ceremony in Beijing in October 2014. Cambodia, along with 49 other prospective founding members, signed the Articles of Agreement on June 29, 2015, in Beijing. Mr. Pandian said his visit was to follow up on cooperation between the bank and Cambodia, especially to learn about the country’s need for infrastructure development and other potential projects to see if the Cambodian government wanted to apply for a loan. Mr. Vissoth said the AIIB would play a very important role in providing infrastructure funds to the region where needed for economic development and poverty reduction.
